PTCL Intends to Buy Telenor Pakistan Soon
ISLAMABAD, January 31, 2023- PTCL Group wants to buy Telenor Pakistan’s operations and management.
PTCL will notify shareholders of its intention to acquire Telenor in a stock filing today or tomorrow. In November 2022, Telenor International CEO Sigve Brekke claimed the business is seeking “merger options” in Pakistan. Since merging its Thai operations, Telenor Group, which operates telecom businesses in nine European and Asian markets, is focusing on Europe.
In Pakistan, PTCL may merge Telenor with Ufone, its cellular business. Both parties are in advanced talks and an announcement may be made soon. Telenor tried many times to leave Pakistan, but discussions failed.
The price of the purchase stalled the prior attempt. However, both parties have reached a $700 million settlement.
If PTCL’s acquisition goes as anticipated, Ufone and Telenor Pakistan might unite with 72 million mobile customers, nearly matching Jazz’s long-standing lead with over 74 million.
Given the country’s economic crisis, political uncertainty, and falling ARPUs, Ufone’s spectrum acquisition last year was also risky.
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It appears that the PTCL group, with significant backing from e&, aims to increase its position in Pakistan’s telecom business.
The united Ufone/Telenor has the greatest spectrum in the business because Jazz has 47.2 MHz in multiple spectrum bands for its 74 million subscribers and Zong has 33.6 MHz for its 45 million consumers.
Telenor lost ground due to Group’s disinterest in Asian regions. According to its financial statistics, Telenor had been struggling for some quarters. Ufone and Telenor’s situation worsened as Zong and Jazz steadily rocked the boat at a pace they couldn’t match.
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